Cryptocurrency

U.K. Treasury Calls Crypto Reform Bill a ‘Rocket Boost’ for the Economy

In a groundbreaking move that signals the U.K.’s ambition to become a global leader in cryptocurrency innovation, the Financial Services and Markets Act 2023 received Royal Assent, officially making it law.

Published

3 months ago

June 30, 2023

Temitayo Olukoya

cryptocurrency investment - Investors King

Investors King understands that the U.K. Treasury has hailed the crypto reform bill as a ‘rocket boost’ for the economy, recognizing the tremendous potential of digital assets and positioning the country at the forefront of the rapidly evolving crypto landscape.

The newly enacted law, which recognizes crypto assets as regulated financial instruments, marks a significant milestone for the broader crypto industry.

Under the legislation, crypto assets are defined as “cryptographically secured digital representation of value or contractual rights.” This recognition not only provides a clear framework for the regulation of cryptocurrencies but also emphasizes the growing legitimacy of digital assets in the U.K.

“The formal recognition of cryptocurrencies in the U.K. represents a significant advancement for the broader crypto industry,” commented Jeff Feng, co-founder of blockchain developer Sei Labs. Feng added, “It serves as an acknowledgment of the growing legitimacy of digital assets, something that is becoming increasingly crucial as countries worldwide competes for supremacy in the crypto and tech space.”

The U.K. Treasury, in a press release, highlighted the role of the new legislation in supporting the safe adoption of crypto assets within the country. With this forward-looking approach, the U.K. aims to position itself as a crypto innovation hub, attracting entrepreneurs and businesses seeking a favorable environment for cryptocurrency-related ventures.

Experts have drawn parallels between the U.K.’s aspirations and Singapore’s success in becoming a prominent crypto-friendly hub in Asia. By fostering an ecosystem that promotes cryptocurrency innovation and competition, the U.K. aims to establish itself as the ‘Singapore of Europe’ in the crypto domain. Such a positioning could potentially lure international investors and businesses to the country, bolstering its economic growth and competitiveness in the global market.

The crypto reform bill’s journey to becoming law began with its approval from the upper house of Parliament on June 19. Following this, the procedural stage of Royal Assent, which follows lawmakers’ agreement on a bill, was completed, granting it the status of an Act of Parliament.

The U.K. government’s swift action in recognizing the significance of cryptocurrencies demonstrates its commitment to remaining at the forefront of the digital revolution.

In a complementary move, the Law Commissions of England and Wales recently published recommendations to reform and develop laws related to digital assets. These recommendations propose classifying digital assets, including cryptocurrencies and non-fungible tokens (NFTs), as a new category of personal property. This progressive approach aims to ensure a comprehensive legal framework for the burgeoning digital asset market.

Up Next

Terra Classic Community Divided: Controversial Proposal Seeks Central Authority to Revive LUNC Amid Discord

Don't Miss

Modulus CEO: Risk-Reward Drives Divide on Crypto

Temitayo Olukoya

Comments

Non-Fungible Token

NFT Sales Plummet 9.91% in Latest Weekly Report

The aggregate NFT sales figure of $72.76 million is nearly 10% lower than the preceding week’s numbers, raising concerns among enthusiasts and investors in the digital collectibles market.

Published

11 hours ago

October 1, 2023

Temitayo Olukoya

Non-Fungible Tokens (NFTs) have once again taken a nosedive, marking the sixth consecutive week of declining sales. According to the latest data, NFT sales dropped by a significant 9.91% over the past week, casting a shadow on the vibrant and ever-evolving crypto market, Investors King gathered.

The figures, spanning from September 24 to October 1, 2023, reveal that the total value of NFT sales during this period amounted to approximately $72,767,450. While this might seem like a substantial amount, it represents a notable downturn compared to the previous week’s figures.

Despite the broader crypto economy experiencing an upswing during the same period, NFT sales seem to be struggling to regain their previous momentum. The aggregate NFT sales figure of $72.76 million is nearly 10% lower than the preceding week’s numbers, raising concerns among enthusiasts and investors in the digital collectibles market.

Interestingly, the number of NFT buyers has surged by 17.77% during the past week, reaching a total of 569,407 buyers. Similarly, the number of NFT sellers also saw a notable increase of 15.82%, totaling 714,889 sellers.

Among the various blockchain networks, Ethereum emerged as the clear frontrunner with $37.27 million in NFT sales, representing 51.22% of the week’s total NFT commerce. However, even Ethereum’s dominance couldn’t escape the overall downtrend, as it experienced a modest 1.16% dip in NFT sales compared to the prior week.

Following closely, the Mythos NFT sales secured the second position with an impressive $7.83 million in sales, marking a 13.12% increase from the previous week. Polygon and Solana also made their presence known, securing the third and fourth spots in NFT sales with $7.12 million and $5.86 million, respectively. Immutable X claimed the fifth spot, amassing $5.47 million in sales.

As the NFT market faces headwinds in the face of a broader crypto resurgence, analysts and enthusiasts are closely watching for signs of a potential rebound or a continued decline in the weeks to come.

Cryptocurrency

Mixin Network Halts Services After $200 Million Security Breach; Recovery Plan in Progress

Published

7 days ago

September 25, 2023

Investors King

Mixin Network, a prominent decentralized wallet service provider, has been rocked by a massive security breach resulting in a loss of $200 million.

The breach, attributed to vulnerabilities in its cloud service provider’s database, has raised questions about the platform’s dependence on centralized infrastructure.

Mixin Network, known for its support of 48 public blockchains and an impressive total network asset value exceeding $1 billion, halted deposit and withdrawal services following the breach.

This incident has prompted discussions within the crypto community regarding the risks associated with centralization in decentralized platforms.

In response to the breach, Mixin Network has taken swift action, enlisting the expertise of blockchain security specialists from SlowMist.

The company has pledged to resume services only after thoroughly addressing identified vulnerabilities, a decision reached through consensus among all network nodes.

The plan for asset recovery will be announced in due course, and Mixin founder Feng Xiaodong will provide a detailed explanation in a public livestream.

The Mixin incident follows closely on the heels of the JPEX cryptocurrency exchange scandal in Hong Kong, which has left countless individuals reeling from financial losses totaling $178 million.

Experts now speculate that these recent setbacks may lead the Hong Kong government to reconsider its enthusiastic promotion of Web3 technologies, as concerns over security and public sentiment cast a shadow on the region’s cryptocurrency ambitions.

Carlton Lai, head of blockchain and cryptocurrency research at Daiwa Capital Markets, said, “I think this scandal will have a pretty sizeable negative impact on retail sentiment, given its significant local presence and the various celebrities involved.”

As Hong Kong grapples with the fallout from these high-profile incidents, the future of cryptocurrency in the region remains uncertain, with questions of regulation and security taking center stage.

Cryptocurrency

Dallas Mavericks Owner and Billionaire Tech Investor, Mark Cuban, Falls Victim to Phishing Attack, Losing $870,000 in Crypto Assets

Published

2 weeks ago

September 18, 2023

Samed Olukoya

Mark Cuban, owner of the Dallas Mavericks and a prominent billionaire technology investor, recently fell prey to a phishing attack, resulting in a loss of approximately $870,000 worth of tokens.

The incident occurred over the weekend after months of inactivity on Cuban’s crypto wallet.

Phishing attacks, a prevalent threat in the crypto industry, deceive users into revealing sensitive information, downloading malicious software, and exposing their private data.

These attacks exploit users’ trust, often causing them to overlook the authenticity of incoming requests on their crypto wallets or unwittingly download counterfeit applications designed solely to pilfer their assets.

Cuban’s crypto wallet was emptied of various assets, including U.S.-pegged stablecoins, staked ETH (stETH), SuperRare (RARE) tokens, and some Ethereum Name Service (ENS) domains, according to blockchain data.

The initial discovery of these suspicious transactions was made by the vigilant on-chain investigator @wazzcrypto.

Fortunately, Cuban was alerted to these transactions, and he managed to safeguard over $2.5 million worth of Polygon’s MATIC tokens.

He accomplished this by promptly logging into his wallet and transferring the tokens to a secure Coinbase exchange address.

Cuban revealed that the phishing attack was apparently initiated through a fraudulent MetaMask wallet application that he had unwittingly downloaded.

This incident marks the second high-profile phishing attack in as many weeks, following Ethereum co-founder Vitalik Buterin’s experience in early September. Buterin’s X account was compromised in a phishing attack, although he did not appear to lose any of his own funds.

Nevertheless, unsuspecting users collectively suffered losses of up to $700,000 by sending tokens to a malicious link that falsely appeared to have Buterin’s endorsement.

As the crypto industry continues to thrive, it is crucial for users to exercise caution and remain vigilant to safeguard their digital assets from the ever-present threat of phishing attacks.